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PHD buys majority stake in South African agency

PHD has formed a strategic alliance with South African media planning agency Page Three Media, taking a 70% shareholding.

Page Three Media: PHD acquires 70% stake in South African agency

Page Three managing director Anne Dearnaley and directors Lynnette Heyns and llan Lazarus will stay with the agency and retain a 30% shareholding.

The agency has billings of more than 1bn rand (approximately £80m).

It plans to establish a presence in Johannesburg under the PHD Worldwide banner, as strong as its presence in Cape Town.

Mike Cooper, CEO of PHD Worldwide, said: "We believe [Page Three] will faithfully deliver our thinking and approach to clients in South Africa. All of us across our 72-office global network are really excited to be welcoming them to PHD worldwide.

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